By Sarah Kataka, Actuarial Science Student at Strathmore University.
If you are reading this, I am presuming you want to know if pursuing a degree in Actuarial Science is for you and what opportunities it comes with. I will share my experience so far and try and paint a picture about what it’s really like to pursue Actuarial Science. I am currently a third-year student pursuing an Actuarial Science degree at Strathmore University and I have no regrets at all in my choice. Before commencing my degree all I knew about Actuarial Science is that it involves a lot of mathematics and that actuaries work in insurance and pension companies. Studying Actuarial Science or studying to be an actuary provides one with skills that can be used to solve real world problems not just limited to insurance and pensions but in other areas like climate change, cyber security, and even in building resilient systems for organizations for future pandemic crisis such as covid-19. If you are considering being an actuary or doing Actuarial Science this read might be of help.
So, what is it like being an Actuarial Science student? Honestly if I could describe my experience so far, I would describe it as a ride on a roller-coaster. A ride on a roller coaster isn’t exactly a smooth one. It has ups and downs, twists and turns and people on the ride experience different emotions all at once. I think that the people who actually get on roller coasters are actually very courageous. The ride is in fact very terrifying but the thrill you get from the adrenaline rush is also very satisfying. My journey as an Actuarial Science student so far has been like a ride in a roller coaster. It has been demanding, full of challenges, exhausting but also very exciting.
To start with, yes, a lot of mathematics is involved! I wouldn’t say that the course is hard, but it is quite demanding and requires a lot of effort and sacrifice of some luxuries we enjoy like sleep, entertainment and free time. Actuarial Science degree isn’t really about pure mathematics as such but involves more of statistics, finance, economics and also a bit of programming. This being said, it is therefore not a must that you do Actuarial Science to be an actuary. You can study other courses that have a mathematical background and sit for the actuarial papers instead. The one advantage however in doing Actuarial Science is that the course is aligned to the content tested in the actuarial papers.
Having an Actuarial Science degree is unfortunately not enough to qualify as an actuary. To become an internationally recognised actuary, we are required to sit for 13 professional papers from The Institute and Faculty of Actuaries (IFOA). You are free to do these papers at your own pace. From what most people who have sat for the papers say, the papers are not exactly a walk in the park. Furthermore, the resources and the fee to sit for them are also quite costly especially for students. However, once you complete the papers you become an internationally recognised actuary. Actuaries work in different institutions including but limited to financial consultancies, life insurance, general insurance, investment management, banking and corporate finance.
What happens if you have trouble passing the papers which are quite challenging? Is an Actuarial Science degree then useless? Graduates from an Actuarial Science degree are equipped with varying knowledge and skills that they can apply in other careers. They can work as Strategy Consultants, Risk Engineers, Business Analysts, Research Analysts, Insurance Underwriters or Insurance Claims Adjuster. There is the option of studying a little bit more in a slightly different field and qualify as a risk manager, investment banker or a finance advisor.
In conclusion, pursuing an Actuarial Science degree could be one of the best decisions you make if you love working with numbers and love solving problems. It’s a degree that gives you an opportunity to explore different fields of mathematics and allows you to actually use mathematics to solve real world problems. If this article has not convinced you enough please visit the Institute and Faculty of Actuaries to get more information about why you should say yes to Actuarial Science.
Wooow Sarah I never knew all this aonce I read your article yet I take Actuarial Science .
This is wooow
I was not sure if I will continue studying the course due to some hips and hops but now I am privileged to doing it. really encouraging. thanks a lot